Ha-Lo to Acquire Starbelly.com for $240 Million

Ha-Lo Industries Inc., Chicago, a $590 million distributor of promotional products and provider of marketing services, yesterday announced its agreement to acquire Starbelly.com, an online customized premium merchandise company, for $240 million. Under terms of the agreement, Starbelly.com shareholders will receive $19 million in cash and newly-issued shares of Ha-Lo common and preferred stock. The transaction is expected to be complete by March.

"Ha-Lo is bringing together the industry's strongest players online and offline," said John Kelley, CEO of Ha-Lo. "The transaction creates a new powerhouse that we believe transforms the industry landscape."

Ha-Lo's Promotional Products Group and Starbelly.com will combine into one division called Starbelly.com. Brad Keywell, CEO of Starbelly.com, becomes president of the new division. Mike Linderman, president of the Promotional Products group, becomes president of the new division.

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